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TDS on transfer of immovable properties w.e.f 01.06.2013

From June 1st 2013, transfer by a resident of immovable property (other than agricultural land) where consideration exceeds Rs 50 lakhs would attract TDS @ 1% u/s 194 IA. The person is required to deduct tax and would not be required to obtain a Tax Deduction Account Number.

The Central Board of Direct Taxes (CBDT) has come out with an online form for making TDS payment on property transactions.

This form requires mandatory quoting of PAN which is verified with the IT Department’s website. It also asks for address of the transferor and transferee along with the address of the property transaction.

Following details has been asked in the form :
1. PAN details of the Transferee
2. PAN details of transferor
3. Complete address details of Transferee
4. Complete address details of transferor
5. Address of property involved in transaction
6. Amount payable
7. Tax 1 % amount deductible /deductedThe new form is available on TIN-NSDL and field with * sign is only mandatory.